Large group health insurance plans come with a lot of benefits both for the employer and the employee. Usually, there is a higher coverage for group insurance, more flexibility to qualify as a beneficiary, and fewer tax costs, among other positive aspects.
But, finding the best large group health insurance plan isn’t always an easy feat as there are countless factors you need to consider to make sure you get the best deal.
That’s where Taylor Benefits Insurance Agency can come into play. With over 25 years of experience in the industry, we have the know-how to help you make educated decisions and find the best plans that suit your needs and budget.
Do you and your employees prefer having a more extensive network even though that usually means paying higher monthly premiums? The benefit of wide network coverage is that your employees will pay less out of pocket should they ever need medical assistance, and that’s something to consider carefully.
In our experience, we’ve noticed that small businesses tend to opt for fully-insured options as it can help them attract and retain talent. Self-funded plans are riskier from a financial perspective as they are not very predictable and can bring unforeseen expenses.
Health savings account (HSA,) health reimbursement account (HRA,) and flexible spending account (FSA) are all types of accounts that you can choose to offer to your employees. Employees can set aside pretax money that can later be used for medical expenses. We here at Taylor Benefits Insurance Agency can help you determine which option is the right one for your business.
When Choosing an Insurance Plan, Ask Questions Like:
By finding the answers to these questions, you will be able to determine which plans best fit your company’s financial situation as well as your employees’ needs.
Insurance agents companies choose the right health insurance plan by assessing their needs. Although some companies might see this as unnecessary, you can save in the long term by choosing the right plan.
Employers are required to provide an insurance plan if they have 50 or more employees, meaning if they are an Applicable Large Employer (ALE).
There is also the option to offer medical insurance coverage for spouses and partners, yet this is not a mandatory option. A high percentage of companies include them in the health insurance plan as it can bring additional benefits, such as better employee retention.
Group insurance plans are tax-exempt. At the same time, the contributions to the employees’ premium are deductible from the taxable income, thus lowering the amount of taxes that need to be paid.
Do You Need Help Finding the Right Large Group Health Insurance Plan?
When it comes to choosing the best group insurance plan there are numerous different factors that you need to consider. With a proper understanding of what different plans can offer and how these options can benefit your company and employees, you can make the right choice.
Taylor Benefits Insurance Agency is here to help you find that plan. Don’t hesitate to get in touch with us, tell us what you need, and we will offer a free, no-string-attached proposal.
Just call us at 800-903-6066 now, or fill out our online form to get a free quote!
We’re ready to help! Call today: 800-903-6066